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Indian rupee falls against UAE dirham on foreign funds outflows

The rupee is expected to remain range-bound against the dollar

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by

A Staff Reporter

Published: Tue 5 Jul 2022, 10:49 AM

The Indian rupee depreciated nine paise to 79.04 against the US dollar in opening trade on Tuesday, weighed down by persistent foreign funds outflows.

At the Indian interbank foreign exchange, the rupee opened at 79.04 against the dollar, registering a decline of nine paise over the last close.

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On Monday, the rupee had closed at 78.95 against the US dollar.

According to Sriram Iyer, serior research analyst at Reliance Securities, the rupee is expected to remain range-bound against the dollar this Tuesday.

“Stronger crude oil, weak Asian and emerging market currencies, a rising dollar and benchmark bond yields could keep appreciation bias capped. However, equity futures in Asia have started with gains and could cap depreciation bias,” Iyer said.

On the Indian equity market front, the 30-share Sensex was trading 267.65 points or 0.50 per cent higher at 53,502.42, while the broader NSE Nifty advanced 89.10 points or 0.56 per cent to 15,924.45.

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Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.14.

Global oil benchmark Brent crude futures fell 0.03 per cent to $113.47 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 21.5 billion, as per exchange data.

(With inputs from PTI)

A Staff Reporter

Published: Tue 5 Jul 2022, 10:49 AM

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